IMPORTANT INVESTOR RESPONSIBILITIES, DISCLAIMER & CONFIDENTIALITY NOTICE Castle Drawbridge C A S T L E D R A W B R ID G E This document is confiden<al and may not be published, distributed or reproduced, even in part. It has been provided to you because the investment’s sponsor including Castle CaldecoD, LLC, Castle Drawbridge, LLC and ORE Management LLC, and their respec<ve principals and/or affiliates (collec<vely and/or individually, the “Sponsor”) each has reason to believe that you meet certain legal criteria. If you distribute this document to anyone else, it may curtail the Sponsor’s ability to conduct an offering in a manner that is exempt from registraon under federal and state securi<es laws. If you are reviewing the investment on behalf of someone else, references to “you” below include the investor, and you (individually) represent that you have the authority to make these representaOons on behalf of that investor. You confirm that you are (i) an “accredited investor” as defined in Rule 501 of RegulaOon D under the SecuriOes Act of 1933, as amended and (ii) a “qualified insOtuOonal buyer” as defined in the SecuriOes Act of 1933, as amended. Otherwise, you confirm that you are (i) an “accredited investor” as defined in Rule 501 of RegulaOon D under the SecuriOes Act of 1933, as amended and (ii) a “qualified client” as defined in the Investment Advisers Act of 1940, as amended. You acknowledge that the sponsor is relying on this confirmaon as a condion to providing you access to these materials, other materials and the data room. The real estate, related debt and/or equity investments or related assets are not and will not be registered under the SecuriOes Act of 1933 or any other Act. You acknowledge and agree that informaon in this presentaon, in the data room or otherwise received from Sponsor related to these investment maers is confiden<al and may not be published, distributed or reproduced, except if you are reQuired to do so by law, regulaon or court order, and only aer prior wriDen no<ficaon to Sponsors. The sponsor’s name, logo and other marks described or depicted in the data room are either trademarks or service marks of the sponsor and may not be copied, imitated or used without wriDen permission the Sponsor. Any summaries of business strategies, poten<al investments, transac<on terms or agreements in this document are preliminary in nature, and will be superseded by any conflic<ng terms in any subseQuent investor communicaon and in the defini<ve agreements of the investment vehicle formed by the Sponsor to invest in the assets described in this memorandum. Any informaon in this document related to past performance of the Sponsors is not the past performance of this investment, and thus should not be relied upon as an assurance of the investment performance of this investment. Any targeted future performance is based on a number of assump<ons, and the investment’s actual performance may differ significantly from targeted performance. This document contains statements that reflect the Sponsor’s current expectaons about future results, performance or achievements, which cons<tute forward-looking statements. In some cases, forward-looking statements can be iden<fied by words such as “may,” “will”, “should,” “could,” “expects,” “plans,” “intends,” “an<cipates,” “believes,” “es<mates,” “predicts,” “poten<al,” or “con<nue” or similar terms. Forward-looking statements involve known and unknown risks, uncertain<es and other factors, therefore, you should not place undue reliance on those forward- looking statements. The Sponsor is under no duty and does not intend to update any of the forward-looking statements. All statements contained herein are made only as of the date of this Presentaon. Further, the Sponsors expressly disclaim any and all liability for representaons or warran<es, expressed or implied, contained in, or for omissions from, this Presentaon or any wriDen or oral communicaons transmiDed or made available to an interested party. A party may only rely on the representaons and warran<es made to it by the Sponsors in a defini<ve agreement relang to a transac<on, if any. In par<cular, any targeted returns or projected performance informaon is based on the assump<on that a par<cular asset will be developed in accordance with its business plan. These business plans make assump<ons regarding important benchmarks in the development of the asset—for example, that zoning and en<tlements will be obtained within certain <me frames, that financing on certain terms will be available, that site improvements, construc<on or rehabilitaon will be complete within a certain <me frame and budget or that homebuyers, homebuilders, tenants or other purchasers and financing sources will be available when the fund is ready to lease, refinance or sell the par<cular asset, as applicable. The Sponsor’s management team and affiliates have aempted to provide per<nent informaon regarding benchmarks that have been achieved in its descrip<on of assets and project plan. However, it is not possible to summarize all relevant assump<ons and the progress toward achieving those assump<ons in a summary presentaon like this document. Poten<al investors are encouraged to ask Ques<ons regarding assump<ons underlying targeted performance informaon, the risks to achieve them, and the progress that is being made in achieving benchmarks related to those assump<ons. Any discussions or projec<ons of the projected or future performance of the investment in these materials or in the data room are based on a number of assump<ons, and the investment’s actual performance may differ significantly from projected performance. Key Contacts: Garry P. Herdler Ken Brier Ted Drauschak ORE Management LLC – Managing Member Castle Drawbridge, LLC - Principal Castle Drawbridge, LLC – Principal Castle Caldeco=, LLC JV – Partner Castle Caldeco=, LLC JV – Partner Castle Caldeco=, LLC JV – Partner Cell: 917.912.3758 Cell: 484.431.2953 Cell: 610.209.0504 [email protected] [email protected] [email protected] ORE Management LLC CONFIDENTIAL INFORMATION PRESENTATION TABLE OF CONTENTS Castle Drawbridge C A S T L E D R A W B R ID G E I. Execu<ve Summary & Site Overview II. Investment Consideraons III. 342 Unit Garden Apartment Development Overview IV. 144-190 For Sale Townhouse Lots Overview Appendices Appendix A: Site Improvement Overview ORE Management LLC CONFIDENTIAL INFORMATION PRESENTATION IntroducOon & Sponsor Background Castle Drawbridge C A S T L E D R A W B R ID G E A. Who are the Three Project Sponsor Partners? Kenneth (Ken) L. Brier Partner & Co-Head of Development, Engineering & Construcon § Dis<nguished and Decorated Military Leader: Re<red as Colonel; Commanded in Desert Storm; Earned Bronze Star & Legion of Merit Medals § Entrepreneur & Construc<on Risk Management Execu<ve: Founded a Specialty Surety company (Mountbaen), including IPO & sale to Zurich § Real Estate Development, Construc<on & Operaons Execu<ve: office, hotel & academic facili<es development, construc<on & operaons § Chairman of the Lower Merion Township Zoning Hearing Board (a Township in Montgomery County, PA) & Ac<ve Civic Leader Ted A. Drauschak Partner & Co-Head of Development, Engineering & Construcon § Graduate Civil Engineer / Drexel University, 1983 § Over 30 Years Real Estate Development & Construc<on Management Experience: Developed/constructed > 900 keys of extended stay hotel § Renewable Energy Manager/Developer: Directed construc<on of 75MW Nevada Solar One & mul<ple renewable energy projects globally § Entrepreneur: Co-founded, managed, took public and sold Mountbaen, Inc., a specialty contract surety company Garry P. Herdler Partner & Group Chief Financial Officer § Over 23 Years as Public/Private CFO, Investment Banker (Deutsche Bank/BT), KPMG Chartered Accountant/Tax Advisor & PE Operaons Consultant § Diverse Real Estate: Public Homebuilder CFO; Investment Banking; PE Consultant & KPMG’s Real Estate Group – Homebuilding, Mul<-Family, REITs § Involved as Investment Banker, Advisor or Consultant on Three $1Bn Homebuilder AcQuisi<ons & Numerous High Yield, Bank, EQuity, M&A and JV’s § Strong Operaonal & Turnaround Experience: CFO for 5 Cos. in turnarounds, operaonal improvements & restructurings -- Public & PE-Backed B. What is Our Combined Experse? § Site Iden<ficaon, Feasibility & Strategic Business/Operaons Planning § Significant Zoning Exper<se & Relaonships in Historically Difficult to En<tle Markets § Construc<on Management and Risk Adverse Bonded Design & Build Under Guaranteed Max Price (GMP) Contracts/Shared Savings § Naonal and Internaonal Real Estate and Hospitality Development Experience § Capital Planning & Financial Structuring, Operaonal Budge<ng, LiQuidity/Cash Flow Management in Leveraged Situaons § Plaorm/Strategy with our Partners Can Be Scaled (if Desired with Private EQuity, But Not ReQuired) ORE Management LLC CONFIDENTIAL INFORMATION PRESENTATION 3 I. Execu<ve Summary & Site Overview 4 Execuve Summary Castle Drawbridge C A S T L E D R A W B R ID G E Background - Sanatoga Green Project ~28 miles NW of Philly § AOS for 42.6 Acres: 4 years remain; acQuire each component individually; no payments due un<l acQuired § In August 2014, Castle Drawbridge obtained Mixed Use Zoning Approval for original land & > 20 acres of adjacent land § Public Sewer already on-site; Need Administrave Approvals for “Final Land Development Plan” (~4-6 mths.) Mixed Use Site - Current Plan for Sanatoga Green (576 to 622 ResidenOal Units) § Sponsors Seek ~$26M of Junior Capital collec<vely and/or individually on the 4 land components A. For Sale TH: Finish/Sell For Sale TH Lots or “As-Is” PF Approved TH Parcel (144-190 lots) - Certain Builders are interested in TH Lots (process started) B. MF Apts: Develop, Rent, Build 342 Units in 21 Buildings (walk-up, 2 story & 3 story) - Stabilize @ 94% occup. in Month 36; Exit in Months 42-48 with bank recap or sale to public REIT (UPREIT units) C. Hotel/Other: Develop, Build, Lease and/or Sell Land for 90-100 Unit Hotel, Skilled Nursing, Seniors or Add’l MF D.